No fireworks out of the BoE
The BoE kept its monetary policy unchanged at the April 10th meeting. GBP/USD advanced to 1.6820 (slightly lower than the year high of 1.6823) as RICS house price balance bounced back to 57% in March from 45% printed in February. Although the Governor Mark Carney says that the responsibility of housing market is not on BoE’s shoulders, markets react upwards at each similar release. The Cable closes the week with stronger bullish momentum. The next major resistance stands at 1.7031/43 (100% on Fibonacci projection of Feb rally on March pickup / Aug 2009 high).
Read the full report: Market Research
MIG Bank